Dubai: Shareholders in UAE insurer Salama (Islamic Arab Insurance Co.) have been given assurances that the corporate is placing in each effort to get better embezzled funds by a former prime official.
DFM-listed Salama, which goes by way of a merger with Takaful Emarat, confirmed that the Public Prosecution in Dubai issued a choice to refer the previous vice-chairman/managing director – and others – to the Penal Court on ‘charges including the embezzlement of company funds and damaging the interests of the company they served for almost 20 years’.
Earlier, the Dubai Court of Cassation dominated in favour of the insurer and dismissing the person’s plea that it was a ‘loan’.
Another Dubai insurer Aman, can be within the strategy of recovering funds diverted by erstwhile administration. The Dubai Court had dominated within the firm’s favour to go forward with the method to convey again the Dh11.3 million.
“The collection of this amount will have a positive impact on the company’s financial statements this year,” Aman had mentioned in an announcement.
